When it comes to Bitcoin itself, the currency’s name is BTC, and this currency has no physical Bitcoins, but instead uses balances that are kept on a public ledger which anyone can view. This public ledger is known as the blockchain.
Now, in order for this blockchain to work efficiently, all of the transactions need to be verified, and this is one through the usage of computing power, or in other words, organizations or people who fill the role of miners. Bitcoins are not issued by a bank, or by a government, but instead, it is generated by this system, of a collection of computers all of which run bitcoin code and store the blockchain.
Miners solve complex cryptographic puzzles in order to verify the transaction, and for this, they are rewarded with BTC.
The mining process is required due to the fact that it allows Bitcoins to be released into circulation. If they want to mine, a user has to use computing power in order to solve complex cryptographic puzzles and discover a new block. Mining adds and verifies the transaction records of the entire network, and for adding a new block, a miner is rewarded with BTC. This has a twist, however, as the reward is split in half every 210.00 blocks, which means that if in 2009 a miner was rewarded 50 BTC, it halved throughout every 210.000 blocks, and as of 2020, the third halving occurred, so now it’s at 6.25 BTC per block.
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